Home sales remain soft in Capital Region

Sales of new and existing single-family houses fell 20 percent in February in and around the Capital Region, the Greater Capital Association of Realtors reported Monday morning. But the average and median sale price both edged higher.

The median price, the point at which half the houses sold for more and half for less, rose 1 percent to $185,500, its highest point since 2008. The average price rose 2 percent to $211,437.

The data come from an 11-county area including the Capital Region.

Association President Paul Semanek blamed at least some of the sluggishness on the weather.

“Buyers end to stay at home, warm and dry, with less interest in shopping for housing when the weather is poor,” he said. It is an expected consequence of particularly poor weather but might dissuade buyers at a time when most barometers would say this is the time to buy.”

Pending sales in the region were down even more than completed sales, tumbling 27 percent from year-earlier levels, the association reported.

Every county showed sales declines. Completed sales were down 20 percent in Albany County, 6 percent in Rensselaer County, 22 percent in Saratoga County, and 12 percent in Schenectady County.

The median sale price rose 1 percent in Albany County to $187,800; 1 percent in Saratoga County to $263,800; and 6 percent in Schenectady County to $153,000. It fell 2 percent from year-earlier levels to $165,000 in Rensselaer County.

“Conditions are ripe right now to be a buyer in our market,” said James Ader, the association’s CEO. “The slowly increasing sales prices point to sellers recognizing that buyers have the advantage right now but sellers also expect the market to turn fairly soon.”

One Response

This “story” is really nothing more than a shill for the real estate industry. The only source cited is the Albany NAR representative. The implied message of all of the quotations is “better buy a house now, because prices will never be this good again.” I’m in the market right now, and I’ve noticed prices falling 15-30% on downtown properties that have lingered on the market for more than 180 days. Zillow will attest to this.

The next time you do a story on the local real estate market, interview someone who does not have a vested interest in distorting the truth.